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FOX
Dec 7, 2012 5:00am EST
because of the fiscal cliff, both the talks and the fact that we're short on money but traditionally what this pountry has done was treat a from the storm ravaged statts believv the obama pdministration will propose roughly 50 billion ddllars in reliif... far hort of whatt (reporter: "is here that kind of money lying around?") of money lying around. it's &psuch a complex time ight now ww're deeling witt a host of fiscal issues, we're tryyng to preveet our country from going off the fiscal cliff." senator republican colleaaues would &plike to seeebudget cuts....or the massive storm clean-up. preporter: "without offsets ii it going to have trouble getting ppssed do you think in this current climate?") "i think it might, i think it might,,you can't predict that." the uncertain fate of thh relief money comes little more thhn a month afterrthat jaw-dropping pre-ellction image of christie and the president... shoulder to shoulder... a time when r. victims... quickly. "i wann you to cut ttrough red tape. i want you to ut through bureaucracy. here's no excuse for inaction at this point." the
CBS
Dec 6, 2012 7:00pm EST
hill about the fiscal cliff. tonight maryland's senator ben cardin joins me for some perspective from the other side of the river. senator, we're so glad to have you. >> my pleasure. >> we are in the midst of a stalemate, the president holding onto the idea of raising rates, the congress dominated by the mouse republicans saying we want to -- house republicans saying we want to close loopholes. where are you on this and why not have a combination of the two? >> it seems like both sides agree revenues have to be an important side of the equation and that's true. the easiest way to get revenue is through the rates. the senate passed this bill. it's in the house that allows tax relief for up to $250 to become law. that gives predictability and confidence and we can then have the revenue from the higher income to help deal with the fiscal cliff. the problem with closing loopholes is it's difficult to get anywhere near the type of revenue you can get from the rates on the higher income. >> fair enough. now if there is a compromise and you get the rates you want, don't you have to give
FOX Business
Dec 6, 2012 10:00pm EST
president's ultimatum driving us to the fiscal cliff? chris and senior writer for the weekly standard, steven hayes the guests here tonight. we begin with the dictator trying to maintain command of the country using chemical weapons as a deterrent. fox news chief washington correspondent james rosen has the latest for us in this report. >> a regime helicopter captured in the skies in syria in a video unloads something, most likely, a defensive flair to detour antirebel runners, but that epitomizes the fear of which the serian people now live. rebel forces taking the flight to the assad regime inside the capital with a deadly explosion in the arab red crescent building outside the city. >> it's very clear the regime forces are being grounded down and that they are losing. >> in seeking to squash the uprising, he killed 40,000 people. president obama's top aids feel the fightg takes on a more gruesome character. >> we remain very concerned, very concern that as the opposition advances, i particular on damascus, that the regime might very well consider the use of chemical weapons. >> sen
FOX Business
Dec 6, 2012 7:00pm EST
of dollars, but sharpton is in favor of raising taxes on the so-called wealthy maybe because he knows he will not pay the tax rates. fairness is among the other americans, not him. that's my two cents more. thars all for to be the. thank you for joining us, dvr the show if you can't catch us live. have a great night. we'll see you right back here tomorrow. ♪ lou: the obama administration tonight ramping up diplomatic efforts to end seer -- syria's bloody civil war and the fear assad could use chemical weapons against his own people. the military is prepared to use poisen gas bombs, secretary of hillary clinton flew to dublin to hold a meeting with her russian counter part and u.n. enjoy to syria meeting to discuss how they would end the now 21-month long conflict in syria and how to move assad from power. and there's no sign they had to reverse the support, and today, a senior lawmaker says the syria government is now incapable of functioning properly. just before the meeting with the russian foreign minister, secretary clinton insisted that the united states and russia share common goals in the region. >> trying hard to work hard with russia to stop the bloodshed in syria and begin a political transition to a post asad future. the pressure against the regime in and around damascus seems to be increasing. lou: at home, leon pa net fa issuing the -- panetta issuing the sharpest warning yet. >> the president of the united states made it clear there will be consequences. there will be consequences if the assad regime makes a terrible mistake by using chemical weapons on their own people. lou: neither the white house or pentagon elaborating on what the cons -- consequences would be, but having russia back them would be a determined outcome made by the promise of president obama in dealing with russia after winning a second term as he remarked to the russian president thinking they were off microphone as they met in south korea back in march. >> after my election, i have more flexibility. >> i understand. i just need permission -- lou: a full report on the disturbing turn of events in syria and the likely price of russian cooperation on syria. another middle east dictator, egyptian leader, morsi, with a concession to the opponents inviting them to hold talks on the crisis. is that enough to appease protesters who plan larger demonstrations tomorrow? we'll be talking with fox news middle east expert while ferris in washington institute fellow eric trager, and president obama back on the campaign trail continuing to successfully dress up his ultimatum on higher taxes as a republican decision rather than his own declaration. his staff organized a sit-down with a middle class family today in virginia claiming congress is to blame p they fail to yield to his ultimatum. why is the mainstream liberal media ignoring the reality it's the president's ultimatum driving us to the fiscal cliff? chris and senior writer for the weekly standard, steven hayes the guests here tonight. we begin with the dictator trying to maintain command of the country using chemical weapons as a deterrent. fox news chief washington correspondent james rosen has the latest for us in this report. >> a regime helicopter captured in the skies in syria in a video unloads something, most likely, a defensive flair to detour antirebel runners, but that epitomizes the fear of which the serian people now live. rebel forces taking the flight to the assad regime inside the capital with a deadly explosion in the arab red crescent building outside the city. >> it's very clear the regime forces are being grounded down and that they are losing. >> in seeking to squash the uprising, he killed 40,000 people. president obama's top aids feel the fighting takes on a more gruesome character. >> we remain very concerned, very concern that as the opposition advances, in particular on damascus, that the regime might very well consider the use of chemical weapons. >> senior u.s. officials confirmed to fox news that syria have fully mixed an unknown quantitity of the deadly nerve agent loading it on to breakable canisters, an aerosol form to be dropped from above. in dublin, secretary of state clinton met with the russian foreign minister whose regime steadfastly defended syrias, but that changed as the russian leader, close to putin said, quote, we have shared and do share the opinion that the existing government in syria has to carry out its function, but time shown this task is beyond its strength. >> it's now up to the russians to do everything possible and maximize their influence to ensure he does not use these weapons. >> it's also good to hear that some of the arab countries are trying to find a way to get them out. >> whether assad accepts the settlement that includes asylum in another country is far from clear. the deputy foreign minister said he's 100% sure that assad will never, ever leave syria. lou: thank you very much. chief washington correspondent, and joining us now, fox news middle east and terror analyst, fellow at the washington institute for near east policy. gentlemen, thank you for being here. beginning with you, just received word that the president smoke with morsi today talking about the number of deaths and concern about the result of the demonstrations. this is now a region that seems to be of behaving in ways in which this administration could not have anticipated or did not a year ago, six months ago. your thoughts on what's happening now? >> well, ii's happening right now is a balance of force, of demonstrations between the morsi regime, which is still trying to assert itself, the gun to influence the army, but did not complete the job, so the army is not completely under the hands of morsi, but, on the other hand, a dynamic opposition uniting against morsi and has been early on the responsible for the uprising in egypt against mubarak, replaced with the brotherhood, and bottom line, lou, is now the obama administration realizes that a partnership with the muslim brotherhood and morsi will not do. there has to be a triangle agreement. it's part of the politics. morsi cannot, even with the referendum on the 15th, five lines, strong opposition. lou: eric, do you concur? >> i don't, actually. i wish i shared his optimism, but it seems to me the administration is still really engaging morsi, not reading him the riot act. you had top morsi advisers in washington yesterday meeting with the nfc. no hard message sent at all. it's true that, you know, the protesters against morsi are uniting around it, but beyond that, very little brings them together. it's hard to see this protest creating a nonislammist movement more likely have to be forcing it through creating chaos. >> doesn't it seem now clear that this administration is supporting at least covertly, subtly, the islamist movement in the region, in fact rather than, as it seems, many want to believe, and trying to work against the radical islams, and those. >> this question is only asked in washington. everywhere else, go to paris, london, europe, the arab world, you read their press, and everybody knows, or everybody criticizes or accuses the obama administration as being a partner as pushing or helping the morsi government, and before that, the muslim brotherhood. it's a well-known reality. only in the hallways of the washington, political establishment, the question should be why? why did the obama administration from day one from tahrir square, rather than teaming with the youth, women, middle class, labor, and he sided with the muslim brotherhood, and that question basically, if we answer that question, we would know what would be the future of the policy in egypt. lou: eric, you cautioned against trusting morsi from the outset, and now, it appears, we are trying to persuade russia to end their support for assad. how effective do you think that ever will be? >> i think it will be very uneffective, and i'm afraid we waited way look on syria. 30,000 people have been killed. now reports of gas loaded on to bombs to be dropped # on them, and i think we really have to be very concerned that pursuing this diplomatic process gives the assad regime more time to do tremendous damage and destruction to his own people. lou: thank you, both, eric, doctor, thank you, gentlemen. >> thank you. lou: more on the crisis in syria and egypt as we take it up with the a-team. the so-called fiscal cliff is really all about the obama ultimate may tum. >> i'm not going to sign any package that somehow prevents the top rates from going up for folks at the top 2%. lou: president's ultimatum and his insistence on higher taxes may take us over the cliff. chris and steven next. the next scott walker? 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[ cheering ] any flight, anytime. the scoreboard doesn't lie. what's in your wallet? hut! i have me on my fantasy team. if you're a man with low testosterone, you should know that axiron is here. the only underarm treatment for low t. that's right, the one you apply to the underarm. axiron is not for use in women or anyone younger than 18. axiron can transfer to others through direct contact. women, espially those who are or who may become pregnant, and children should avoid contact where axiron is applied as unexpected signs of puberty in children or changes in body hair or increased acnen women may occur. report these signs and symptoms to your doctor if they occur. tell your ctor about all medical condions and medications. do not use if you have prostate or breast cancer. rious side effectscould ie increased risk of prostate cancer; worsening prostate symptoms; decreased sperm count; ankle, feet, or body swelling; enlarged or painful breasts; problems brereathing while sleeping; and blood clots in the legs. common se effects include skin redness or irritation where applied, increased reblood cell count, headache, diarrhea, vomiting, and increase in psa. see your doctor, and for a 30-d free trial, go to axiron.com. lou: the staffs of both president obama and house speaker boehner are talking, but there is still no word of progress on the so-called fiscal cliff or the president's ultimatum. silence indicate a deal in the works or something too ugly for them to contemplate?@ we'll have the latest for you from the white house. white house correspondent ed henry here in just moments, but, first, the money line in hoping washington might get a deal done driving a modestly bullish mood on wall street at the end of the session. investors cheering news in a decline in jobless claims, and household wealth in the country grew by $1.7 trillion, to the highest level in five years, talk about a positive indicator for consumer purchasing. the dow jones industrial up 40 points, the s&p up five, and nasdaq rose 15.5 points. volume? a billion shares lighter than yesterday, but above the average of 3.1 billion trading on the board today. apple rebounded from yesterday's worst date performance in four years, a gain of $8.45 today with the ceo saying apple will move imac computer production to the country in the new year. garmin stock higher to replace rr donly in the s&p 500, the stock moving up 5.75%. crude oil declining, down a third day in a row, looking at large supplies of gasoline and anemic demand. crude oil down 1.62 settling at 84.26. the yield continues to fall slipping to 1.58% today. confirmation tonight that the staffs of president obama and house speaker boehner resumed discussions as the two principles remain far from face-to-face negotiation apparently. fox news chief white house correspondent ed henry has the latest. >> pulling on the heart strings like he's on the campaign trail, president obama visited a middle class family in virginia. >> a couple thousands dollars means a couple months rent for this family. >> again, trying to frame the battle over the miscall cliff as being all about taxes with no mention of spending cuts. >> i'm not going to sign any package that somehow prevents the top rates from going up for folks at the top 2%, but e remain optimistic we can get something done that are good for families like this one, and that's good for the american economy. >> republicans believe the reason the president is going light on spending cuts while demanding the budget deal include another increase in the nation's debt ceiling is clear. >> this is not about getting a handle on deficits or debt for him. it's about spending even more than he has. >> white house aids reject the republican claims that holding the debt limit over the president's head is the only mechanism to get him to trim spending. >> you're just going to keep at the debt limit goes higher, you spend more money. you and congress, both. >> that's false. president signed into law a trillion dollars in discretionary cuts. the president has a specific proposal to achieve $600 billion in savings from entitlement programs like health care entitlement programs. >> jay compared republican pressure on the debt ceiling to a hostage taking. >> a profoundly bad idea that i think could not be more frightening for american businesses, and american workers. >> treasury secretary tim geithner may have frightened people yesterday saying the white house is prepared to go off the fiscal cliff unless republicans bend on taxes. a comment by former democratic potential candidate howard deen frightened republicans that the debate is not just about raising taxes on the rich. >> the truth is everybody needs to take more taxes, not just the rich. that's a good start, but we're not going to get out of the deficit problem unless we raise taxes across the board. to go back to what bill clinton had. >> now, some liberals pushed the president to invoke the 14th amendment claiming that gives him the executive power to raise the debt limit himself, but jay said today the white house studied that proposition and decided the president does not have that executive power meaning we headed for another show down with congress over raising the debt ceiling. lou: the fiscal cliff and now a new ultimatum on the national debt ceiling. you suppose this is the last condition? >> it's going to be a wild couple of months, maybe everybody thought with the election over, there was going to be peace and figure all of this out, but i think we're just at the beginning of a long protractive battle, lou. lou: more on the stalemate of the fiscal cliff, the impasse, and tell us what you think about the so-called negotiations. vote in tonight's online poll. do you agree president obama's ultimatum on higher taxes are actually the cause? make him responsible for driving us off the fiscal cliff? go to our to be page at facebook facebook.com/loudobbs. we'll have results at the end. chris and steven joining us here next to address that question and more. ♪ ♪ [ engine revs ] ♪ [ male announcer ] oh what fun it is to ride. get the mercedes-benz on your wish list at the winter event going on now through december 31st. 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[ malennouncer ] lease a 2013 e350 f $579 a month at your local mercedes-benz dealer. lou: house minority leader, pelosi going along with timothy geithner in saying it's just a fact we're going over the cliff if republicans do not agree to meet the president's ultimatum and raise taxes on the top 2%. >> the way i heard it, and the way i think it was not as a threat we'll go over if they don't, it's a prediction. if there's no agreement, then the cliff has to be dealt with. i don't see it if they don't do this, we do that. i saw it as a statement of fact. it's not a threat. it's a prediction. if there's no agreement, we go over the cliff. let's hope we have an agreement3 lou: ha-ha, fox news digital politics editor joining us as does steven hayes, weekly writer and fox news critterment steven, it looks like a condition preceding, and looks like it and sounds like it. how can it be the entire national media establishment seems to be blaming the republicans because the president issued an ultimatum? >> incredible, the president had red lines, saying he will not entertain the debt ceiling debate in the broader fiscal cliff discussion, clear where he was on taxes on the wealthy, a president who came out, and from the beginning, suggesting he's not moving off of his basic requirements, and republicans came a coup of different times making, at least, gestures towards a compromise. i think that suggests where the leverage really lies in this debate and negotiations. >> chris, seemssthe president's doing everything but taking snuff as he makes degrees and pronouncements, and the republicans for the life of me don't have a response, a message to meet and deal with the president. >> well, this is the starving time for the republicans. this is the bad season -- unhappy christmas for the republicans with the goal to get to the fiscal cliff, and get beyond that so that they can get to the debt ceiling. the debt ceiling is where they have leverage, advantage, and where the president is asking to increase the debt ceiling beyond the 2 #.2 trillion, these are american dollars, the $2.2 trillion that he was granted in borrowing power back in august. the republicans have to get to the point where that's the fulcrum for the debate. the president wants it out now and do it. he would like an unconditional increase and permanent, basically, increase in the debt ceiling now, in addition to the tax rate increase. the republicans have to survive this time as it relates to tax increases and get on to the ground of the debt ceiling. lou: way are the odds of survival if you have a senate minority leaders fill busting his own proposal on the floor of the senate, which some consider ill-considered. >> yeah, well, i mean, it it was a moment, wass't it? i mean, i don't think -- the republicans, clearly, are having a bad moment here. chris is right. you'll look back on this in six months, 12 months, or two years saying it's the low point, what republicans are hoping. it's not the case democrats are are organized and all sitting together on the same page too. some dissent object question is did the overall amount of raising taxes, that scares some democrats in the senate. you had democrats in the house repeatedly declare the opposition to any tinkering with entitlements, medicare, medicaid, social security, the real problem here, they say flat out, we're not going to do that. you have some differences with the democrats as well. >> no question. there's division of plenty on capital hill, b u this president is giving a clear impression that he doesn't care what anyone else thinks, democrat, republican, the senate, the house, his team, he'll plunge ahead over the cliff. am i missing something, chris? >> no, that's what he would like most of all. the thing that barack obama would like most of all, and i don't mean this to say that he doesn't love america or whatever else, but what i mean, is that the president is advantaged hugely on the other side of the fiscal cliff. if he can get republicans to join hands, jump, and be on the other side, all the tax rates go up issue and he's negotiating from an advantaged position. if he kept debt that, what he would hope is he can force republicans into app auto fade op the question of tax rates and have the party consume itself ahead of midterms with primary challenges before the 2014 so he's, right now, on the tax question looking at when, when. the only hope, the only ground the republicans can hope to stand on is the debt limit increase happening in february. lou: i hear chris saying just because you reek devastation as president of the united states on your economy, doesn't mean you don't love your country. [laughter] >> well said, very well said. >> that's exactly what he was intending to say. [laughter] >> look, i mean, it's an interesting position right now for the president. if you look at the president's argument, i mean, it is effect of what he's saying. we talked about this before, but, remember, the president argued twice raising taxes in time of economic struggle is bad for the economy. he was clear about this. he laid out the argument, and in some detail. you don't raise taxes when the economy's struggling. we were growing at a clip of 5.6% of gdp growth, and today, it's less than 2%, and he's making the saim argument. lou: thank you. great to have you here. more on the cliff, stalled negotiations, and, of course, ever-lasting hope straight ahead. syria and the fiscal cliff. they share two things in common. they are subjects of an obama ultimate may tum and -- ultimatum and the a-team tonight. >> three, two, one! [cheers and applause] lou: state of washington celebrating the passage of two ballot initiatives. why pot heads gathered at the space needle in seattle next. the fiscal cliff 25 days away, a leading conservative senator unexpectedly resigns, and we'll take that up with his friend and colleague, congressman trey here next. want to try to crack it? yeah, that's the way to do it! now we need a little bimore... [ male announcer ] at humana, we understand the value of quality time and personal attentio which is why we are proud to partner with health care professionals who understand the difference that quality time with our members can make... that's a very nice cake! ohh! 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[ male announcer ] humana. ♪ lou: a big surprise today in washington. senator jim demint of south carolina announcing he will resign his senate seat? january to take over the leadership of the think tank, the conservative think tank, the heritage foundation. earlier, the senator criticized boehner's proposal saying, quote, would destroy american jobs and not reduce the debt a penny. joining me to talk about the senator's resignation, his outlook on the cliff, and a host of other issues, delighted to be joined by south carolina lawmaker congressman trey, and congressman, great to have you with us. let me begin with the fiscal cliff. as i discussed with steven and our editor, chris, i have not heard a single republican say of the president's ultimatum, you know, that's the cause of the cliff, not the fact that we department yield to that ultimatum. why in the world aren't republicans talking about the president's ultimatum is -- as thee causal agent of any plunge over the fiscal cliff? >> well, lou, this are a few. jim jordan, demint, we don't have a megaphone or bblly pulpit. there's a band of conservatives in the house opposing the so-called debt deal last summer, but the president can command media wherever he goes, and whatever he does becomes news, and we're 435 little voices, and, frankly, the republican conference is not always singing off the same sheet of music. it is stunning to me we're going to go over a fiscal cliff or slope because of eight and a half days of revenue. that's what the president's asking for, eight and a half days worth of borrowing. the other thing to look at, lou, i think, is, you know, the president wants more revenue. he gets that by going over the cliff. he wants less defense spending. he gets that by going off the cliff, and he wants the republican brand damaged which he gets by going over the cliff. what incentive does he have to sit down and negotiate? none. lou: why is the republican party throwing over reagan omics, free enterprise, growth, individual freedom, smaller government, you know, and lower taxes over this? are you kidding me? the republican leadership is also incentivized just as well as the president as you know, congressman, and they will get twice -- get spending cuts, sequestering goes into effect. you're going to see, obviously, domestic and defense budgets cut, but you'll see a tax increase here, but the fact is you get nothing if you don't do the fiscal cliff. >> well, among my many limitation is the inability to read other people's minds. i don't know what spaker boehner's thinking, but i know what he tells us in conference and private. lou: you can speak freely here. >> well, spiker boehner believes and convinced me he's negotiating with himself. he's in the spot between, and let's be clear, john boehner's never voted for a tax increase in his entire career in the house so he's got his principles, and, on the other hand, we saw in november, bewere not successful coming to electioneering. we're going to be blamed. he wants to create the appearance of a willingness to sit down in talk in a broad way in entitlement reform, bending the spinning art, but the president won't engage it. it's give me my increase on the dreaded rich people, and and unlimited credit card with respect to the debt ceiling. can you imagine anything more absurd than us giving eman unlimited ability to raise the debt ceiling? he's got the unmitigated ability to ask for that. lou: congressman, i have the most profound respect. you got me to tears thinking about the 435 folks there on capital hill in the house who have little tiny megaphones and can't get their message out, but then i start desperately looking for the message, and i can't even find it as i seek it. the poor speaker of the house, inability to rise to the level of the bully pulpit, but the fact is i don't see the creativity, the energy, the passion for the philosophy of the republican party that engenders a powerful leadership response to a direct challenge to the fundamental values and tenants of the republican party, and i ask you, if you don't respond now, when would the republican party respond? >> i'll let you in on a secret, lou, because i like you. between us, and us only -- lou: is this where you start to tell me to go to hell? >> no, sir, i would never, never tell you that. we had a plan that many conservatives in the house worked on, and we were going to unvail it last week. we were going to unvail it only the exact same day that speaker boehner unvailed his response so we canned it, but there is a group of conservatives led by jim jordan, extraordinary person from ohio, and others. we do have a plan, and it's earlly like cup, cat, and balance, which i hasten to add would have averted the so-called super committee, and what we are talking about today, and it had bipartisan support. if we get the house leadership to reinvest and cut cap and balance, our plan last summer, but something about washington that if it's not a new idea, it's not a good requested. i'm sure there's a reluctance to go back to the old plan, but we did have something we were going to roll out this week, and i hope expwrim rolls it -- jim rolls it out next week. lou: looking forward to, thank you for letting us in on that. >> yes, sir, between us. lou: appreciate that. that's always our obligation here that we maintain. >> yes, sir. lou: jim demint shocking everybody. you interested in what might result? >> governor haley picking the person she can pick, and i'm happy to give her four good names, tim scott, nick, jeff duncan, and joe wilson would be extraordinary. she has access to much better political minds and more wisdom than i can afford her, but high on the guys i served with in the house. tough to replace gym demint no matter who she makes, but tim scott would be extraordinary, our state would be well served with any one of them. lou: congressman, that's why i'm sure you're on that list. congressman, thank you for being with us. economic thinker tomorrow author of the book on supply side economics, "wealth and poverty," the former cbo directer, douglas holtz-eakin, and up next tonight is the governor of michigan, is he going to be the next scott walker? details on his pro-worker push in michigan straight ahead. you know how painful heartburn can be. for fast, long lasting relief, use doctor recommended gavisco®. only gaviscon® forms a protective barrier that helps block stomach acid from splashing up- relieving the pain quickly. try fast, long lasting gaviscon®. is what drives us to broadcast the world'biggest events in 3d, or live to your seat high above the atlantic ocean. it's what drives us to create eco-friendly race tracks, batteries that power tomorrow's cars, nearlyndestructible laptop and the sustainable smart towns of the future. at panasonic, we're driven to make what matters most beer. just another way we're engineering a better world for you. lou: michigan legislature approve right to work legislation as hundreds showed up in michigan's capital protesting the measure. at least eight protesters arrested when a crowd of several hundred tries to push their way into the locked capitol building. police said it was already filled to capacity. republican governor rick snyder says he plans to sign the legislation calling it pro-worker. unions sharing a loss of union dues and other power attack governor snyder claiming he's putting the future of the state in the hands of big business. well, president obama adding to the ever-expanding list of titles, the latest coming from the chairman of the white house triball nation's conference. listen. >> the president loves basketball. he has an indian name. he knows what it's like to be poor, and he has not forgotten where he came from, and his theme song is "hail to the chief." [laughter] i think he definitely qualifies as the first american indian president. lou: and so he is declared. you may remember the president has been called the first gay, female, jewish, and asian president; however, without question, the title of america's first black president belongs to bight. -- bill clinton. up next, the obama ultimatum. tax the rich, or he'll take the country over the cliff. vote on the facebook page, do you agree president obama's ultimatum on higher taxes are responsible for driving us over the cliff if that were to occur? we're talking with monica and angela, and lori. that's right, the a-team is next, and you don't want to miss them. lou: joining me now the a team, author of "what the bleep just happened" i love that title, radio talk show host monica crowley, and fox news political analyst, angela, and fox business network lori rothman. let's start with, if we may. this fiscal cliff. the republicans, as i mentioned, they are not mounting any kind of response to the charge by the administration. >> not surprising. the republicans have been known for as long time as the stupid party, they are a hot mess, they came out of this elect on the losing end, they have done nothing to try to regroup, this affects every american's life and pocketbook, they still can't get it together with a coherent message based on their core principals, economic freedom, and liberty, if you can't stand for those, and fight for them, they have no business being one of the two major political parties. >> monica is right, the republicans have allowed obama to ccntrol the debate, we have the morale high ground and our plan, obama in 2011 talking about tax reform said we can -- we don't have to raise tax rates, we can lower tax rates by capping deducts. he said that. lou: where is coordinated action and rhetoric from the party? i'm talking about from mayors to governors. >> we have been great with policy, but we've been clumsy courtroom communicators. >> boehner will let this backfire, we are higher taxing, no growth, no jobs, fake interest rates, in two years the republican party comes back stronger. >> we're seeing is political fear at its best, by being a washington dc insider i believe we can still get a deal, we have two proposal on the table. >> to get to your point, lou, from a conservative perspective, over in 6 was a national suicide. -- november 6 was a national suicide. a very thin find red line, that red line of republican party. if this party also commits suicide, this will be catastrophic. neil: we'll explore further why it is that republicans are having trouble with two areas, one winning elects and the other governing, we'll be back with the a-team, and we'll find out who is in charge on this assault on christmas among other questions, stay with us. lou: we're back with the a team. i talked with congressman goudie about the issue of taxes, all right senator tom coburn, and tom coal exceeded two tax hikes. >> it makes terrible sense, we're in a situation where the economy is not growing there are no jobs. we're facing an inflationary environment too. it is troubling, and it is just about politics, and ideology and pushing that forward no matter what without thinking -- >> what they are saying is that obama will have to give more, than entitlement cuts and spending cuts and republicans might have to acquiesce to tax hikes. lou: what is the republican party coming, monica used expression political party suicide, i don't know if that drastic but there is a defeatism i find astonishing. >> they hope to stan strong together in one message, we need a warrior that is why i'm delighted that jim demint is leaving and going to the heritage foundation, we don't have a clear champion on our issue, senator rubio does a great job but we need more out there jan the kuh cuban guy from florida. lou: i tell you, right now, i may be insulting a lot of people, but he is the most ex fisk communicate or -- effective communicate or the republican party has but he is not talking about the fiscal cliff. >> he said we have to did is not create new taxes but new tax payers, not make the richer poorer but the poorer richer. lou: that is a great slogan. >> you have to create policy, we're 25 days away from the fiscal cliff. >> to your original question about lack of energy and coing he had on the republican side, -- cohesion on the republican side. there is a real dispier i dispin this. not just among leadership but voting public people are burnt out. lou: what have they done? you have to work hard to get burned out. >> they have not done that. >> and tea party on the rise again. i think that stronger better republican party in two years from, last cycle. watch this whole fiscal cliff dial backfire. the -- the economy is going into recession in new year. lou: do you believe there is no way to avoid the fiscal cliff.
PBS
Dec 6, 2012 7:00pm EST
victory investment. apple didn't say where in the u.s. the line of mac computers would be built or how many jobs might be included. now the return of apple to u.s. manufacturing comes as shareholders have experienced a very rocky ride in the past few months. the stock is down 22% from its all-time high in september. suzanne pratt reports. rtses. >> reporter: a peak inside this manhattan apple store and it looks like everything is a-okay. plenty of customer, plenty of purchases. so why has the shine come off apple's shares? with a-- in a word, actually two, profit-taking. >> i think the biggest reason for the selling going back to when it was priced $700 in september is pure profit-taking. if you look from the beginning year to september, the stock was up 74%. so i think you had some natural profit-taking. >> reporter: but this isn't ode year-end selling by institutions looking to record nice numbers. this supposedly is fiscal cliff related selling as shareholders worries that capital gains tax rates will be higher next year. >> still, financial planner sharon appleman says selling stock solely for tax reasons isn't the best idea. >> i definitely think it's a legitimate concern and can be an opportunity. and i would say if somebody was interested in reducing a physician any-- position anyway, that can certainly be a great time to do it, you know, why pay higher taxes in a few months time when you can pay a lower tax now. >> reporter: and some analysts say, before unloading the shares, consider that fundamentals for apple haven't really changed. sure, revenue growth may slow and margins may contract, and there are worries the tech giant will have trouble fending off competition from increasingly popular android products. but, to some analysts, the shares look especially cheap today, especially considering their move south since the september high. >> we think the smart phone trend is still in the early to middle innings and is not in the late innings yet. so we think, to the extent that apple can maintain its share of the premium smart phone market, we think they'll do quite well. throw in ipad and how it's cannibalizing p.c.s, that's another great growth driver. >> reporter: it is worth noting that apple shares are still up more than 30% this year. even with more tax-related selling, it will be tough to take a big bite out of those profits. suzanne pratt, nbr, new york. >> susie: when it comes to new claims for jobless benefits, the effects of super storm sandy appear to be passing. new claims fell by 25,000 in the week ending december 1 to a lower than expected 370,000 requests. that's raising hopes about november's jobs data, which is due out tomorrow. grey, and christmas says u.s. employment firm challenger, grey, and christmas says u.s. companies announced 57,000 job cuts last month. separately, the number of planned job cuts rose 20% in november from october's levels. on wall street, the dow rose 39 points, but the nasdaq added 15, the s&p up nearly five. >> reporter: i'm erika miller in new york. coming up tonight, we'll talk to the c.e.o. of kitchen store sur la table and get his outlook for holiday sales. >> tom: lots of theatrics today, but few visible signs of progress in washington towards a fix for the fiscal cliff. the only hopeful sign is that republicans and democrats are talking privately again. but they haven't worked out any of the big issues, including what to do about the nation's debt limit. washington will hit its borrowing limit early next year, darren gersh has the latest. >> reporter: sitting around the kitchen table with a middle class family in virginia, the president once again pressed for congress to avoid the fiscal cliff. >> if this family has a couple of thousand dollars less to spend, that translates into $200 billion of less consumer spending next year. and that's bad for businesses, large and small. >> reporter: behind the scenes, the two sides are talking again. but there was no progress in public. senators today fought over the debt limit, and ended up deadlocked over a bill to allow the president to automatically increase borrowing. >> he's shown what he is really after is unprecedented powers to spend taxpayer dollars without any limit at all. >> reporter: if the debt limit isn't raised, the country can't pay for the spending congress has already approved. and economists say the nation pays a high price for this kind of brinksmanship. >> business people aren't going to engage unless they have clarity with respect to this thing. >> reporter: but few insiders expect to find much clarity from washington in the coming weeks. darren gersh, nbr, washington. >> susie: investors will bengorn those fiscal cliff talks, and they will also be studying tomorrow's importa")jé:0@6cj& but josh feinman says the november numbers won't give an accurate picture of the labor market. he's chief economist at d.b. advisors. >> reporter: hi, josh, so you're talking about distortions in that report. tell us more. >> yes, hi, susie. i think that the hurricane sandy may distort the numbers. we've seen it in some of the other high frequency data in the last couple of weeks. keep in mind tomorrow's labor market report will report on a snapshot of the labor market taken in the middle of last month. and that's when the hurricane and its aftermath were having their effects. >> so the consensus numbers from a survey of economists, they're expecting american businesses added 110,000 jobs it to their payroll. the unemployment rate staying around 7.9%. does that sit right with you. is that what you are seeing? >> probably somewhere around that maybe a little less. one of the problems is it is hard to gauge exactly what the impact of the storm will have. we know it's transitory, it's hard to say exactly how much numerically it will sub tract. if the number comes in lower than that i think a lot of people will say oh, it was probably the effect of the hurricane and they'll wait until the following month to see what kind of a rebound we get. >> let's talk a little bit about what we can expect from the job market going forward. i don't know if you saw alan blinder's op ed piece in "the wall street journal." the former fed governor saying if we go over the fiscal cliff the unemployment rate will jump recession and customarily when are you in a recession the unemployment rate goes up 3 percentage points. does that sound right to you. and if that is the case what does this mean for consumers and for businesses? >> well, the seriously bad news. but i think what is important is not just whether we go over the cliff but how long we stay over there. i mean if it turns out that they need a couple more days to hammer out an accord i don't think that will have a big lasting effect. but if we go over the cliff and all those spending cuts and tax hikes go into effect and stay in effect for the whole year, then you would be talking about a very high likelihood of a recession and rising unemployment, substantial rise, we can quibble about how much. but it would be seriously bad news for consumers and businesses. >> as you know the federal reserve is going to be meeting next week on tuesday. certainly this is all going to be a topic around the table. is there a role for the federal reserve in this fiscal cliff back and forth? >> there really isn't a direct role they can play. this is fiscal policy. the fed does not make miss call policy t makes monetary policy. i think chairman bernanke and others have been very clear to stay out of the battle that has to be resolved by the congress and administration. look, i think at the end of accord to avert the most draconian aspects of the fiscal cliff. maybe the 11th, 12, 12th or 13th hour but i think they will reach that because i think they recognize that the consequence its of not doing so are so severe. >> but let's face t that even if there is a deal we're talking about an economy that is going to have to deal with people having higher taxes and dealing with spending cuts. what are you projecting for what are you projecting qlu ha, for economic growth and unemployment. >> sure. i think the economy going to be facing some fiscal drag from the federal side but if it is phased in slowly, it's not really use ter and abrupt i think it can handle it because i think the private sector is healing and i'm looking for improvement in growth for the second half of the year provided that we don't hit a landmine here on the fiscal side. >> all right, josh, thanks some of. we've been speaking with josh feinman of db advisor. >> tom: nearly a month and a half after super-storm sandy wreaked havoc along the new jersey shore, president obama met today with governor chris christie at the white house. the topic-- federal aid for storm recovery. the president is expected to ask congress for about $50 billion in additional emergency assistance. ruben ramirez is in seaside heights, new jersey, where business owners are striving to recover. ruben? >> reporter: thanks, tom. yes, nearly six weeks after super-storm sandy devastated this barrier island off the coast of new jersey, there's still a curfew in place. a lot of the traffic you see behind me is a lot of those longtime residents from the island and business owners who have been going back day in and day out, trying to recover and repair whatever's left. some of those business owners we had a chance to speak to today. they say they'll reopen come next summer. >> you've kbchb in business 33 years, have you seen this sort of devastation before. >> no, nothing like this. we-- that's the reason we stayed because they were explaining that there was going to be a terrible storm. but we, of this magnitude we had no idea. this is just like -- hard to believe. >> here we are almost six weeks after the storm hit. how soon until you get the business open and up and running again? >> there's a few problems. electrical and structural. but hopefully in the next maybe two months we might be able to get open again. but definitely we will be open for the summer season. >> reporter: tom, some of those small-business owners we spoke to say they didn't have flood insurance because they say the summer season is short here and the insurance is just too expensive. tom. >> tom: thanks, ruben, will you >> tom: thanks, ruben. we have more on how insurance companies manage risk when it comes to natural disasters.÷ learn about catastrophe modeling on our web site, nbr.com. just look for the "nbr-u" tab. >> susie: americans were feeling a little richer recently, thanks to gains in real estate and the stock market. the federal reserve said today that household net worth rose to nearly $65 trillion between july and september. that's up nearly $2 trillion from the previous quarter. net worth is total assets, like homes and stock portfolios, minus liabilities like mortgages and credit card debt. that wealth effect could make consumers feel more comfortable about shopping this holiday season. there are still 20 days before christmas and the rush is on. toys are always popular gift items. but there's one category that's expected to do even better and, no, it's not electronics. erika miller reports. ♪ ♪ó'2e÷ >> reporter: for many families, the holidays are all about the home. few retailers know that better than sur la table, a 104-store chain selling kitchenware and tabletop items. c.e.o. jack schwefel says sales are off to a strong start, and credits changing american values. >> i think americans are realizing the importance of the family meal, where people get together. no matter how crazy the day is, you can have that moment every day where it becomes the most important moment of the day, and you share it with the people you love the most. >> reporter: unlike many retailers, sur la table says it hasn't had a problem with showrooming this holiday season. that's when people come in to browse, but purchase cheaper versions online. part of the reason is that 40% of the store's products are exclusive. >> one of the things that we are most proud of is the fact that we still import more product from europe than we do from china. so you are talking about artisan product, product that has a story to it. that's special. you don't see that in retailing in america. >> reporter: stores like sur la table are expected to be one of the few bright spots in an otherwise lackluster holiday season for merchants. in fact, some experts think home goods will be hotter than toys this holiday season. ibm projects home goods will see the strongest sales growth this year, up over 6%. that's far more than toys and electronics. >> you may ask yourself, why home? we think home is up because of a lot of things-- things like the changing demographic of the home itself. there's a stat that says that 41% of those between 25 and 29 are living back at home. >> reporter: but there also a second reason. >> we think that this holiday people are buying what they need vs. what they want. >> reporter: which had me wondering what's on jack schwefel's wish list this holiday season. it wasn't this $5,500 coffee maker. >> there are some new knives that i'm actually pretty excited about, so probably those. they're cutting board material actually used in the handle of the knives. >> reporter: and there's no denying it will look good sur la table at this holiday season. erika miller, nbr, new york. >> a lot of people are buying new housewares, i love qooking. >> tom: i do i think is great the house goods category is seeing good growth it says there is confidence in the house market but let's face it, just because it's home goods doesn't mean it's cheap or inexpensive. 5500 dollar coffeemaker, some of these home appliance blernds can be $500. >> susie: if are you looking for discounts now there is green monday. we have had black friday, cybermonday, green monday is the second monday in december and that's when there is allots of discounts on-line. so it will be good for consumers. >> tom: we've been talking about the fiscal cliff but i think there is the holiday cliff which is that game of chicken between stores are they going have to discount closer to the holidays or are consumers going to spend the money that the stores are asking for right now. clearly another indication that stores perhaps maybe getting nervous now. >> susie: speak of green there was green on wall street today. >> tom: some buying on wall street. let's look at our market focus. better than expected data on first-time unemployment claims led to a choppy start for the s&p 500. after apple went positive in the 10:00 a.m. eastern time hour, so did the index. as tech stocks turned solidly higher, so did the market, finishing up a third of a percent. trading volume was moderate at 616 million shares on the big board; just over 1.7 billion on the nasdaq. the technology sector led the way, up eight tenths of a percent. the consumer discretionary sector added six tenths of a percent. the big tech names in the dow industrials weren't left out. intel had the biggest percentage gain of dow stocks. shares were up 1.6%. c.e.o. paul otellini said intel could manufacture semiconductors for other chipmakers "for the right types of products." so, queue the rumors about intel possibly making chips for apple. cisco systems moved up 1.4%. the move takes shares to their highest price since september. the top tech sector stock was akamai technologies. akamai helps speed up and manage online content and traffic. a new partnership with at&t led to today's rally. shares jumped 10% on heavy volume. analysts say the deal turns at&t from a competitor of akamai's to a customer, eliminating the rival from akamai's business. on the consumer side, starbucks was hot. first, the company said it will pay more taxes in britain in the next two years. yesterday, the company said it will open at least 1,500 new stores in the u.s. over the next five years. starbucks said the market is not saturated shares jumped 5.7%. volume tripled with the stock closing at five month highs. tax prep giant h&r block sits at a new 52-week high tonight. it lost less money than feared last quarter. h&r block has been cutting costs to focus on its core tax preparation business, especially digital tax prep. even satellite radio operator sirius/xm radio can't resist returning some of its cash to shareholders. it announced a one-time dividend of a nickel per share and a $2 billion stock buyback plan. sirius shares are consistently among the most actively traded issues on the nasdaq. volume was very heavy today, but the stock didn't move much, up just two cents. but there was a bigger stock move in liberty media capital. liberty media is the biggest shareholder of sirius and stands to get $160 million thanks to the special dividend. online social gaming company zynga has struggled to repeat the success of its farmville and words with friends games. it filed a preliminary application for a gaming license in nevada. don't look for zynga on the strip, at least not yet. the company wants to have customers bet real money on games like zynga poker. shares rallied 7.1% as volume doubled. test test test test test test test test test test is shutting down after clients pulled more than half a billion dollars from the fund. federal agents raided the connecticut firm two years ago as part of a nation-wide sweep that resulted in the arrest of one of the firm's former portfolio managers on insider trading charges. since then, diamondback's assets have dwindled to just over $1.5 billion, down from $5 billion. >> susie: our viewers have been waiting and he's finally here. paul kangas, nbr co-founding anchor. welcome home, it's so nice to you have back here. >> well, it is like home. and great to hear that i'm still welcome. >> susie: actually, speak of welcome. we got-- tom and i got so many viewer questions for you and comments saying it that they want to hear from the walter cronkite of financial news. a little bit of your wisdom in these confusing time, right, tom. >> narrator: absolutely there is some of going on in the market an you've seen some of market cycles. we have a lot to talk about but what we have to ask what do you make of the stock market today. >> it's sort of a stop and go affair. we get good news one day, better building permits and building news it and on that front. and inflation is down a little bit. and then the next day it's all countered by new uprisings in egypt and one thing or another. so the market tries to step higher and is countered by bad news. so stop and go all the way. >> tom: we got a great question from eric p edison. you saw the dow industrials move from 1,000 to over 10,000 in your ca reeferment and he asks will the dow jones see 8,000 or 18,000 first? >> well, there's not that much volatility but it could see both in the same year. but i intend, i'm actually a little on the bullish bias because corporations continue to make money and the american people are basically optimistic. and a lot of stocks are underpriced particularly blue chips even though the dow industrial average has more than doubled since 2009ment but there's a reason for that and that's good easternings, and that's good dividends. >> well, there's a lot of questions about if that is going to continue. and one of our viewers has a question for you about the fiscal cliff. you know all about the back and forth and drama about the fiscal cliff and delores wants your thoughts on where do you stand on this whole fiscal cliff, how will it play out. >> congress better get off its duff and do something. and i think that finally the pressure will be on us. but they always do it right to the last, you know, minute. but i think it's got to happen or they're going to be ousted from their hallowed political seats. >> tom: you could argue in the three years you've been away from the nbr anchor desk congress hasn't done a lot to address the fiscal situation. >> no it's just ridiculous. i mean these are our elected representatives and they have got to pay a little more attention to those that got them in the office. and they're arguing amongst themselves without much care about the people they represent. >> tom: a lot of those folks are retiree, we have a question from anita asking what is the investing or financial planning lesson paul use most during retirement? >> well, the number one is hope i can live my life to the last and still have enough capital to keep me going. and a lot of investors are running up against the same thing. they're running out of capital because yields are so low in the bond market, money markets are yielding practically nothing. so they have to chip into their base capital and that is hurt. so what i am doing is looking for blue-chip stocks with decent dividends. >> susie: a lot of people are wondering that in this climate what do you think is going to be the new investment opportunity available to all of us in 2013. s this's a question from fay. >> new investment opportunity. >> susie: what is your prediction. >> they'll come up with something new like etf exchange traded funds were relatively new a few years ago and now have gained such popularity t is almost staggering how much money has gone into etfs. >> tom: you mentioned how volatility could have the do you see 8,000 and 18,000, tweet on½kvyññ=) twitter asking individual investors are afraid of the markets. what needs to be done to gain their confidence? >> less regulation. i think that investors are afraid that they make an investment and something comes along,u.r the rules change from what got them into the investment in the first place. when you can't change, you know, canoes in the middle of a stream. >> susie: on this subject of investor confidence we do have a question from billy who says what is the greatest changes you've seen in the market today. you've had perspective three years being away from it on a day-to-day basis. what do you see is the biggest change? >> well, billy, i'll tell you that the computer is a wonderful thing but it's not the greatest thing for investing. and for investors who don't have a high speed company ability and have large box of stock at their arms length. i think that that is, it's taken away the idea that long-term, long-term investing is a good thing. i think that's one of the changes that i don't like. too much computer meddling. >> tom: well, paul, as much as the markets have changed, you haven't. it's great to see and hear from you again. susie, we have to say good night but i think it's only procedure to ask paul. >> i'm paul kangas, wishing all of you, the best of good-byes. captioning sponsored by wpbt captioned by media access group at wgbh access.wgbh.org >> join us anytime at nbr.com. there, you'll find full episodes of the program, complete show transcripts and all the market stats. also follow us on our facebook page at bizrpt. and on twitter @bizrpt.
FOX News
Dec 7, 2012 3:00pm PST
>> dana: three one more things. >> greg: you had three more. three good things. >> bob: number one. >> greg: number one. speaking of number one, me -- no. catch me on greta tonight. i'm on her first block of the show. "red eye" we have ann coulter and gavin mckinnon on. >> bob: can you do something that is not self-promoting? >> greg: no. storm the first day of hanukkah. celebrate a happy holiday. that is it for us. have a great weekend, everyone. >> john: another weekend no, deal on the fiscal cliff. how close one is depends on whom you believe. this is "special report." ♪ ♪ >> john: good evening. i'm john roberts in for bret baier this evening. deadlock, gridlock, stalemate, whatever you call it. most people in washington seem to think we are there. we have just four more weekends to go before america goes over the most talked about piece ovate i of real estn the world, the fiscal cliff. ed henry tells us not everyone is pessimistic. >> reporter: literally snapping his fingers, vice president joe biden today suggested it will be easy to finish a deal with congress to avoid the fiscal cliff. >> it would take 15 minutes from the time the decision is made by the speaker of the house to pass and make permanent middle class tax cut. the president would probably have me sprint up to the hill to bring the bill down for him to sign. it can be done like that. it is not complicated. >> greg: speaker bane -- >> reporter: speaker john boehner not so optimistic. >> this is not a progress report, there is no progression to report. report. >> reporter: he blasted for not offering a counterproposal to his plan and they seemed more than ever going to stop the tax increase. economy shrugged off hurricane sandy to create 146,000 new jobs, nearly double what forecasters had said, job creation for september and october was revised downward by a total of 49,000. another 350,000 people were so discouraged in november they simply stopped looking for work and left the labor force, which is why the unemployment rate dipped to 7.7%. >> raising taxes on small businesses is not going to help our economy and it's not going to help those seeking work. i came out the day after the election to put revenues on the table. take a step toward the president to try to resolve this. when he is going to take a step toward us? >> analysts say anxiety over the higher taxes from fiscal crisis is a reason that consumer confidence plunged in december. thompson reuters dropped to 74.5 in the consumer sentiment, lowest level since august. vice president countered that business leaders are telling him the economy will take off if there is a fiscal cliff deal. >> they have over $1 trillion out there to invest. if they think that the economy is going to move. >> he suggested some wiggle room to get that done. >> the top brackets have to go up. this is not a negotiable issue. theoretical we could negotiate how far up. >> democrats noted today despite boehner's tough talk when he was pressed on whether the tax rates on the rich could be negotiated he initially ignored it and then suggested some flexibility. >> there are a lot of things that are possible. to put the revenue that the president seeks on the table. >> now white house officials are clear in saying they still want the tax rate to go up to 39.6% like in the clinton days. but it's clear tonight they will give on that a little to get a deal. john? >> john: we'll see how far they will go. ed henry for us at the white house. thanks. the borrow a phrase "grease is the word" that both sides in the te bait are using for the worst case scenario of what will happen in the fiscal cliff. which sides understands best how to keep the united states getting in the same greek tragedy? chief congressional correspondent mike emanuel looks at that tonight. >> republicans frequently argue it's critical to get a handle on the deficit before the u.s. becomes like greece. there is a terrible economy with 26% unemployment highest in europe, almost no job opportunities for young people frequentenly lead toro riots in the streets. here is leading democrat is suggesting cutting spending too quickly is a real problem. >> the european community now is concerned about all the austerity. there are many, many things you can do to reduce debt. but still have a stimulus aspect of the economy. >> experts though say europe's us aer the city a drag on the economic growth because it relies too much on taxation while failing to reign in the expansion of government. that would seem to back up a republican theme in the fiscal cliff argument. >> if we raise taxes on the top two rate, a million small businesses who employ 25% of the work force it will cost us over 700,000 jobs and reduce economic growth, lower take home pay and those things. that is a bad scenario. >> the league negotiator on the republican side of the table facing mr. obama says raiding taxes on upper -- raising taxes on upper income americans is not going to fix the problem that the country is facing. >> even the president got the tax rate hike he wanted understand we would continue to see trillion dollar deficits for as far as the eye can see. listen, washington has got a spending problem, not a re-knew problem. >> for many top democrats it's all about taxes and not spending cuts in averting the fiscal cliff. >> the facts are at that point the 39.6% does produce the revenue. the differentiation between 39.6% and the 28% at that the president has for limitation on deduction creates a great deal of money as well. >> one conservative financial commentator suggests the likely outcome of the fiscal cliff talks won't be the end of the world. >> we will have taxes that are the same as the taxes were under bill clinton. we did find that we will do fine. >> the question is whether the negotiations will lead to making other tough choices such as washington getting a handle on the growth of government. if not, the european example seems to suggest fiscal trouble to our shores as well. >> john: thanks. the stock were mixed. dow gained 81. s&p 500 up 4. president obama visits detroit and he will see upset people there. mike tobin has the effect. >> michigan democrats say they can't stop, as the republicans have the numbers so despite the angry protests the legislation that rick schneider calls freedom to work will pass the final vote on tuesday. we have hardworking people in michigan. >> the law makes union membership and dues optional in the heart of the rust belt. cradle of the organized labor. they insist they are not breaking the labor union because it does not target collective bargaining. this weakens their foundation. >> you have people alongside of you that won't pay the union dues if you pay the union dues but will still be able to get the benefit from being union member. >> spokesman for democratic caucus says to anticipate legal challenge is understatement. democrats will target the language in the laws. given the bill through the lame duck session and noisy demonstrators out of the chambers the democrats say they will challenge under the open meetings laws. >> they lied to us every step of the way and they are acting like cowards. >> he says it's leadership. >> baloney. >> as demonstrators storm the capitol, police used pepper spray. additional state troopers sent to lansing today with anticipation that the demonstrations will peak on tuesday. >> we want to keep things safe. we will not have another wisconsin in michigan. people have a right to protest. but it will be done in an orderly manner. >> now the buildup to the michigan house contains $1 million appropriation. that is significant because under michigan law, appropriation bill cannot be challenged by a referendum. john? >> john: mike tobin repor reporting in chicago. more with the panel. house speaker john boehner is taking it from all directions this week. president obama and democrats are ripping him for resisting tax hikes on the rich. boehner's own party is giving him a hard time for not resisting hard enough. chief political correspondent carl cam has a deeper look at -- carl cameron has a deeper look at that story. >> john boehner is trying to stave off conservative rebellion in the ranks. his proposal to steer clear of the fiscal cliff raising tax revenue $800 billion closing the loopholes outraged antitax conservatives. when the speaker removed the conserve priv key committees in the past, the battle began. >> $800 billion over ten years and that looks like it would be a tax increase to me. 238 republicans, myself included, took a pledge not to raise taxes. they want to send a message to me to send a message to others. that we are not going to tolerate people who are interested in doing what is right. we want to play the same old game. if you try to disrupt that, we will knock you off a committee. >> for refusing to tow the leadership line, two conservatives were tossed off the house budget committee and david swiekert and jones were bounced from the financial conservative committee. benching conservatives in the proposal to influence tax revenue has boehner under fire from conservative group, heritage foundation, red state.com, freedom work and heavy hitting club for growth. >> if you keep doing this we may have to replace you. >> it's bad policy. it is awful politics. it's, it will guaranteed, it will lose him the speakership of the house in two years. >> nancy pelosi. >> republicans lost the house majority in 2006 when they promised to cut spending and then increase it. bret bozell of for america inc. says the republicans face the same fate if after promising all year to hold the line or cut taxes they raise more. >> it's not a threat. it's a reality. if you bucked -- the republicans lost the house when they walked away from fiscal responsibility. they regained it when they recommitted themselves to the fiscal responsibility. if they abandon it yet again, it's a guarantee that the conservatives aren't going along with this. >> g.o.p. leaders reacted it will to the backlash. boehner raised $100 million for the house republican candidates this year. his proposal to increase tax revenues on the four rebel conservatives is backed by the house majority leader eric cantor with kevin mccarthy and budget committee chairman paul ryan. now they're under fire, too. >> in a perverse way, the purging was good. because it provided clairryty with what we thought was true that the leadership didn't hold the conservative principles in first place. they just want 218 votes on something. they are not dedicated to what the content is. >> this internal g.o.p. fight has been overshadowed by the bigger battle over the fiscal cliff. but the politicians get it. this year, the club for growth spent $10 million against republicans they felt were not conservative enough. in a campaign ultimately that didn't even go the g.o.p.'s way. john? >> carl, thanks. late today three of the four republican lawmakers kicked off with the committees wrote to boehner demanding explanation from him on the close of business on monday. the supreme court will take up two cases dealing with gay marriage next year. it will decide whether gays of v the same constitutional right to marry as heterosexuals as it rules on california proposition 8. justices will determine if congress under the defense of marriage act can depry legally married gay couples benefits that available to straight husband and wives. we'll have more on that with the panel in a little while. they can carry a tune all the way to the bank. but the top musicians backing up their rants against the 1%ers? that is coming up in the grapevine. up next, what happens if diplomacy fails in syria? begin. tomato, obviously. haha. there's more than that though, there's a kick to it. wahlalalalallala! smooth, but crisp. it's kind of like drinking a food that's a drink, or a drink that's a food, woooooh! [ male announcer ] taste it and describe the indescribable. could've had a v8. [ male announcer ] taste it and describe the indescribable. try running four.ning a restaurant is hard, fortunately we've got ink. it gives us 5x the rewards on our internet, phone charges and cable, plus at office supply stores. rewards we put right back into our business. this is the only thing we've ever wanted to do and ink helps us do it. make your mark with ink from chase. >> john: egypt political crisis entered the third week with two sides depicting the conflict as all-out fight for egypt's future. opponents of egyptian president mohammed morsi marched toward the presidential palace in cairo today after he rejected their demands. thousands of his islamists supporters vowed vengeance for two men killed in clashes this week. u.s. and russia are trying to get on the same page regarding syria. top diplomats today announce another effort stopping the bloodshed and getting rid of bashar assad. national security correspondent jennifer griffin tonight from the pentagon on what happens if diplomacy fai fails. >> rebel forces close in on the airport, the planners expect fighting in syria to intensify. u.s. officials are pessimistic they can resol t syrian conflict diplomatically, but seem certain that assad is losing his grip on power. >> every syrian must be included this process for a new and better future. future cannot include assad. >> military in meantime is actively planning should vit to intervene to assure assad's chemical weapons. hundreds of u.s. and nato troops will soon be heading to the turkish border with syria to operate patriot missile defense batteries. this summer there was a task force in jordan after 150 u.s. special forces base north of the capital to work with the jordanians to secure an estimated 4 dozen chemical weapon sites. >> there will be consequences. if the assad regime make asterrable mistake by using the chemical weapons on their own people. >> syrian government says the leaked intelligence reports that seren gas has been mixed and loaded in canisters are a pretext for outside military intervention. some experts agree. >> this is a very imprecise weapon and it's likely that the winds might blow the gas in the city center. that is where assad's power is, is in damascus. >> the publicbe talk of a possible chemical weapons attack may be a means of pressuring assad. >> the united states wants to gain the high ground but jeff hyping. the -- overhyping. the more they make the threat real the more leverage administration will have. >> at next week syria conference the pentagon realizes it may be asked to fill the vacuum after assad goes and is worried that the newly chosen opposition military command structure is filled with commanders tied to the muslim brotherhood. john? >> john: jennifer griffin at the pentagon tonight. thanks so much. fox news just learned by the way secretary of state hillary clinton will be testifying before the house foreign affairs committee on benghazi. that likely will happen before the end of the president's current term. >>> snow may be slowing north korea preparation for another rocket launch. south korean report that the north mounted all three stages of the vehicle may not have been accurate. satellite images indicate that the north could still be ready by monday. for what it says is the launch of a satellite. the west says it's not a satellite at all. just cover for testing missile technology. still ahead, remembering the glory days of america's manned space program. up first, though, remembering a day that will live in infamy. we will meet a man who sur viveed pearl harbor twice -- who survived pearl harbor twice. initiated. neural speeds increasing to 4g lte. brain upgrading to a quad-core processor. predictive intelligence with google now complete. introducing droid dna by htc. it's not an upgrade to your phone. it's an upgrade to yourself. stop! stop! stop! come back here! humans -- we are beautifully imperfect creatures living in an imperfect world. that's why liberty mutual insurance has your back with great ideas like our optional better car replacement. if your car is totaled, we give you the money to buy one a model year newer. call... and ask one of our insurance experts about it today. hello?! we believe our customers do their best out there in the world, and we do everything we can to be there for them when they need us. [car alarm blaring] call now and also ask about our 24/7 support and service. call... and lock in your rate for 12 months today. liberty mutual insurance. responsibility. what's your policy? >> john: president roosevelt declared december 7, 1941, a day that will live in infamy. on this anniversary of the surprise attack on pearl harbor, william la jeunesse introduces us to a remarkable man. who survived attacks on two battleships. and is now finally at rest with his fellow sailors, who died that fateful day. >> more than a year, radio third class glenly was on the uss arizona. on morning of december 7, he was about to take shower when the sounds of war boom outside. >> tried to sell some of his friends and they were like oh, lane, you always tell the april fool's jokes. get out of here. he said this is no april fool's joke, buddy. look out the window. >> this is the hat my dad wore. >> lane's youngest daughter trish anderson sat down with fox to talk about her father's life. >> he loved to share a story and he remembered every minute detail as if it happened yesterday. >> japanese warplanes buzzing the hawaiian skies, lane forced his way to the deck of the arizona. he helped put out fires before an explosion sent him fly manage the oil filled water. lane eventually made his way to the uss nevada desperately trying to escape the japanese attack. but it, too, was knocked out of commission. >> he is the only guy we know of in history that was on two battleships on december 7. i remember asking him one day why he swam to the nevada when other guys swam to fort island. an about four hours later he was almost through telling me the story. >> over the years, lane enjoyed talking to school kids and anyone else who wanted to hear his harrowing tale. last december, lane died at age 93. a few months ago trish and other members of the lane family gathered in hawaii for a service on the uss arizona memorial. lane's ashes inside an urn made by his son tom were carried by scuba drivers and entombed in gun number four. right given to all survivors of the upp ship. >> he never called himself a hero. peel would go you are such a hero. he said no, the heros are still down in the ship. >> william la jeunesse, fox news. >> john: after the attack, lane spent ten days on a hospital ship recovering from his wounds. this will tell you why he swam to theness. he was dedicated. he returned to service fighting battle of coral sea and midway. a the war he stayed in the navy and flew missions as part of the berlin air lift and served in vietnam. free speech could cost one consumer close to $1 million. they make millions off the 99%. but do music stars put their money where their mouth is? grapevine is coming up next. >> john: political grapevine. reply all failed from the police department. atlantic monthly reports a television producer worked on story about animal trafficking a month after the lapd held a press conference promising to crack down on the practice. the head of the media relations department sent the e-mail to fellow officer but accidently cced the producer. the story could be a black eye for us if we don't have arrests to show. the rabbit people will scream we don't care. is there any way you or your crew could make a few arrests for illegal animal purchase something we could avoid negative coverage? when called op it, the lapd officer said it was just a nudge to enforce the already existing law. every write a negative review on a website in this story may make you think twice before you do it. a judge ordered a woman to change negative yelp review about a building contractor. the writeup accused the construction company danieling her house and stealing jewelry. police found no connection between the company and the missing jewels. the construction company sued for three-quarters of a million dollars. the woman's attorney said it amounts to judge copy editing her review. >>> some of staunchest vocal supports of the 99% are prominent member of the 1'for vocal skills. forbes reports in the 25 highest paid musicians you will find four of them lip service to occupy wall street movement. roger waters of pink floyd made a video saying the country is being run for the benefit of the rich. he happens to be one of them. he made $88 million. katy perry visited occupy wall street with then husband russell brand and played it up on twitter and took in $45 million. jay-z told t-shirt to occupiers and didn't share the profits. kenye west turned up at occupy protest in gold chains. no word whether the artist mentioned will donate any of their wealth to the 99%ers who made them rich. >>> next week is 40 years since human walked on the moon. commanderer gene cerna turned out the lights on the moon so to speak. in the for decades, the domination of the space rights has been lost. this weekend, neil cavuto hosts a look back at glory days. "fly me to the moon" can be seen sunday at 9:00 eastern. a preview. >> there is no question in my mind creator of the universe. >> no atheists in space. once you see what you see. >> this is not two dust partials that eventually life. inconceivable. >> well put. >> the mission was over. >> i started up the ladder. and i look at my final footprint and i knew i wasn't coming back this way. the multi-multi-blue of -- multicolor blue of ocean and white of clouds. i started up the ladder. i wanted to keep this moment going for a while. >> america challenge of the day for man and tomorrow. >> you were the last human being to touch that surface. >> you were the last man to touch the surface, how does it make you feel? >> humble. >> god willing as we show return. >> for all man kind. godspeed to crew of apollo 17. ♪ ♪ >> the space program will come back. the country needs to have something to look forward to, to look up to and be proud of. what can we do in 10,000 years? my grand mother on a farm in michigan had a ring telephone no, electricity, outhouse and she walked the first guy walk on the moon. >> i would like to see the next generation leigh footprints of the moon. i hope it happens. >> get more evenly thoughts from charles krauthammer. >> i talked to kneel about that. he said those people represent a time in the country when it seemed we could do the impossible. now we can't cobble together deal on the fiscal cliff. what are your thoughts? >> humans lived in the sky for 100,000 years and finally got off the ground at kitty hawk. then it took 66 years to go from the flight a minute-and-a-half or so, kitty hawk to the moon. yet for the next 40, we lived in retreat. literally circling the space station studying the physiology of nausea. that's not what kennedy had in mind to say we go to moon not because it's easy, but it's hard. tragedy. >> going to moon is one thing. the next step is exponentially expensive than going to the moon. >> true. we have haven't used the moon. established a station as in antarctica on the moon. >> to study nausea? >> to study space. there is so much out there we don't know. heavenly body. different from earth. there are industries. everything out there we can discover. we retreated. there is also simply the majesty of it. i think if you don't, if you live in the age, and you don't glory to space travel, or to the magnificence of leaving footprint on celestial body you don't deserve to live in the age. you should be living in the middle ages traveling by mule. >> john: i am with you. watching walter cronkite covering the space race that led me to this business. when you have so many pressing interests at home is it worth it to spend money to go to mars? >> that was the argument made in kennedy's time. more post officeerty and race problems. a society always has intrinsic problems. the idea we'll wait until it's utopian one, before we venture to space is ridiculous. kennedy understood it. he infused a generation with all of that enthusiasm. now it's gone. >> i'm with you. i want to be on the first flight to mars. you? >> happy to see another launch. i missed the launches to the moon. you see it and you are changed for life. >> you are. charles, stick around. we'll be back with the panel. "fly to moon" airs sunday at 9:00 p.m. eastern. charles and panel coming up next on "special report." do not go away. my name is hunter cannon. playing sports is just my whole life. looking back, if it wasn't for shriners hospital, things would just be really, really different. i lost my leg when i was a kid. there was a time when i felt like i wasn't going to be able to walk again... it was a pretty bad accident but shriners showed me who i could be again. they turned my whole life around. they call it 'love to the rescue' and it really works. hunter's life is one of nearly a million changed by donations from people like you. send your love to the rescue. donate to shriners hospitals for children today. >>> instead of reforming the tax code and cutting spending the president wants to raise tax rates. but even if the president got the tax rate hike that he wanted, understand that we would continue to see trillion dollar deficits for as far as the eye can see. >> what is lacking are the revenues. you cannot cut your way to deficit retacks. what does reduce the deficit are somebody, job creation. we have spending cut and medicare saving and we need re-knew. >> john: four weekends until the country goes over the fiscal cliff. bring in panel. charles lane for "washington post" with us. nina easton from quot fortune" magazine and of course, sindcated columnist charles krauthammer. get to the fiscal cliff in a second. but first, the job report this morning, 7.7% unemployment because so many people left the workforce. 146,000 jobs. the question a lot of people are asking is when are we going get back to good honest job creation to grow the economy? what is it going to take? >> political will in a word. what is interesting about the jobs numbers and the economy in general is that it's not so much the fundamentals of the economy. businesses who hire people who create jobs which nancy pelosi is looking for are looking for political will out of washington. they are looking for certainty on the fiscal cliff. certainty that debt reduction, there will be debt reduction, that entitlements will be brought under control. looking for certainty on taxe taxes. until this happens, there isn't going to be that certainly. i have to say that the republicans showed the political will. they stood up, to the conservative base. they put the re-knews on the table. what troubles me -- now that the ball is in the white house court, right? what troubles me is lack of political will on the white house, we haven't seen yet. particularly on spending and entitlement reform. voices in the deckic party saying that this was a mandate to walk away from debt reduction. that is troubling. >> charles lane do you see anything out there to give the business confidence to hire people again? >> well, there is just, i agree with nina. too many unknowns. we could add the situation the slow, steady, stagnation of europe to the mix. we could add uncertainty about where china is going to go. the troubling thing about the departure from the labor force of so many people that is offsetting the increment is jobs is that over time, it seems like the percentage of the society that is active in the labor force is stagnant or shrinking. that kicks back to all the problems she is talking about, the entitlement program and so forth, which depend on the active population to support them. >> john: jump to the fiscal cliff. not just to it. charles, i read your column today and you made an interesting point that a lot of people didn't make that you see this is a political move by president obama to fracture the g.o.p. majority of the house, gain himself supreme power. >> well, that is because it's clear that the economic proposals, fiscal proposals won't do anything about debt. it's clear that his pretense that we are going to have to, that you can't get to the tax hikes he wants through rising, through raising the rates, without raising rates, he contradicts himself. he said exactly the opposite. so all of this is about the politics of it. he thinks he won the election. and now he can use the crisis over the fiscal cliff to force republicans to go against the position they have had for 20 years. like bush senior with read my lips. senly create a civil war among republicans. the fact that someone here said that the ball is in the president's court. he is holding the ball, not sevenning it. they haven't -- not sevenning it. they haven't offered anything. mcconnell laughed at the offer because it was so outrageous and he wants everything and republican offers nothing in the reduction in entitlements or discretionary spending. they walk away and they won't, i assure you they are not going to offer anything. they will try to run out the clock, because what they can see on the republican side is panic, and defections. even though there are stories about unity in the house. without unity the republicans will crack. >> you always said that the republicans need to stop giving things away. and if we are going to go over the fiscal cliff make sure that it's president obama who takes us over that cliff. is there any way they can do that, nina? polls show if we go over a fiscal cliff the american people blame republicans. >> they will blame republicans. >> john: how do you make it the president's doing? >> it's going to be very difficult. he knows he is in a powerful position. he has got, he has got -- politically he has got opposition to things like raising the age on medicare on his side. not going to budge on that. he has got the fact that jeff whelmingly people want to tax the rich. even though it might be bad for the economy or bad for small businesses. it's a political win for him. so he has every interest in dragging this thing out. and hitting republicans over the head. i somewhat disagree with charles. i'm not sure he is going to take the leap over the cliff. one possible point of compromise on taxes might be the buffet rule, where you put a minimum tax on people who earn just $1 million and above. i could see republicans possibly swallowing that. but not sure >> john: charles, lately there has been talk, too, that the republicans may give on tax rate increases if they can hold the president's feet to the fire over spending. when the debt ceiling comes up next, there is talk among democrats hey, mr. president, we will support you if you want to invoke the 14th amendment and call debt unconst. to you think it will come to that? >> the president disavowed intention. he is committed to the legal position you can't go to 14th amendment route. on the other hand he is demanding that the republicans back off on their debt ceiling threats as well. frankly, you know, i think he does hold the hand here. absolutely. charles is right he is trying to provoke a civil war in the republican party. i add it's working. you have tremendous disagreements being shown on the republican side. there are even people i talk to that say the best bet for republicans at this point is to capitulate. to give in on the rates at some level. just allow a whole new situation to develop next year. see what they can make of that. >> john: hold it there. we have a lightning round up next and your choice. locked and loaded. >> always taxes. spend it on a moon base. >> john: you and newt. we'll be right back. >> john: every week, viewers vote for your choice online in the friday lightning round poll. this week, charles krauthammer pick won with 74% of the vote. get to that in a second. first, latest on the supreme court and gay marriage. nina, the supreme court will take up a couple of cases in the spring session. one about proposition 8 in california, defense of marriage act. how do you think the supreme court will rule here? give me a bet. if they uphold the lower court rulings does it oop the flood gates? >> the reason that gay marriage hasn't provoked a civil war the way abortion did, it hasn't been imposed by the supreme court or major could recall. what is done is we have been going state by state. mostly by voters. couple cases state court but mostly by voters. if the court does impease gay marriage throughout the country, it will be an, explosive political issue. >> john: charles? >> the supreme court signaled today it's ware of that dange danger. out added two questions this the party themselves had not added to the case asking whether or not faye, the federal court should have jurisdiction over this. whether the parties were appropriately before the court et cetera. this shows to me that they are looking for a way to finesse this issue. so they don't come down one way or the other, unless they absolutely can't avoid it. precisely because these are people who spent their whole lives dealing with the fall-out of roe v. wade. they have seen what it's done the court and the country. further more, they can see the political movement is accelerating among the people and there may not be a need for court. >> john: snarl >> ironically, justice ginsberg stalwart liberal of court in a speech before going on the court talked about roe v. wade as stopping the natural evolution and political accept tans of what was the more changing on abortion and that it caused the strife. the one lesson is that allow the process to develop through referenda and popular vote. if there is a change in the culture, it will happen. do not impose a rule on the country from above, because if they impose on the country same-sex marriage, it will cause the reaction on abortion. people will feel they don't have a voice and they should in a democracy. >> john: all right. you won this week's viewers' choice, 74% goes to you. what is the question? >> landslide. the question is in three months, will bashar assad be president of syria? in exile in iran or russia? or dead? >> john: and? >> john: correct answer is dead. the reason is the russians are trying now to work out a way to get him out. or asylum. he might seek asylum. he is losing territory, military assets. and the rebels are near damascus. i think what is going to happen his own people, alouites, militia he is in command of will likely kill himmor family if he tries to escape. odds are he will be dead. >> "a," dead? "b," living in russia or iran? "c," still president of syria? >> i agree with charles and say dead. this is a man who declared war on his own country and made it clear he will go down with his country. he has killed 41,000 zillians, 20% of the population is refugees. there is talk of use of chemical weapons against his own population. i think the key for the united states is do we get in fast enough that we help shape the jut come of whatever comes after assad in because al-qaeda is in there. you don't want them to get a foothold even more than they already have. >> john: how do you think it will turn out? >> there should have been a "d" because he is looking for a home in equador. venezuela and cuba. >> he could be exile
CNBC
Dec 7, 2012 4:00pm EST
think the next six months are going to be very tricky. i think the fiscal cliff uncertainty is going to continue t actually. so i'm a little more bearish in the near term. then i think it's a sell-off, if there is one, that should be bought aggressively for a rally in the end of 2013 that would be the beginning of a new bull market. >> when you say a rally towards the end of next year, do you think over the course of 2013 it's going to end higher? we're going to be higher than where we are right now? >> yeah, i mean, i think ultimately 2013 ends up higher at the end. i think we're going to go -- we're going to test some lower resistance in the first six, seven months of the year. we have so much uncertainty in washington. we do have slowing economies in europe and in the u.s. >> right. david, what do you say right now? break the tie for us. >> break the tie. in the near term, there's an epic tug of war between extremely aggressive monetary easing and just total disdain for what they're doing in washington on tax and regulatory policy. in the near term, the fiscal cliff prevails
PBS
Dec 6, 2012 6:30pm PST
nice numbers. this supposedly is fiscal cliff related selling as shareholders worries that capital gains tax rates will be higher next year. >> still, financial planner sharon appleman says selling stock solely for tax reasons isn't the best idea. >> i definitely think it's a legitimate concern and can be an opportunity. and i would say if somebody was interested in reducing a physician any-- position anyway, that can certainly be a great time to do it, you know, why pay higher taxes in a few months time when you can pay a lower tax now. >> reporter: and some analysts say, before unloading the shares, consider that fundamentals for apple haven't really changed. sure, revenue growth may slow and margins may contract, and there are worries the tech giant will have trouble fending off competition from increasingly popular android products. but, to some analysts, the shares look especially cheap today, especially considering their move south since the september high. >> we think the smart phone trend is still in the early to middle innings and is not in the late innings yet. so we thin
FOX Business
Dec 7, 2012 3:00pm EST
think we get to 85 and then rebounds and get back up to the 88-89 level. the fiscal cliff talks not going anywhere yet. during the next two weeks we will start to see some positive remarks. one thing that is very interesting, heat and oil settled in a very weak position. those two coming off could take the energy complex down much further. right now only 85 to 85.10. cheryl: we have plenty of supply out there right now. we are in the middle of winter. >> we have a tremendous amount of supply. we do not have much cold weather coming up near term. once the fiscal cliff starts getting resolved, you will see some buying going on. cheryl: bobby, i want to go back to you about europe. we have not had a lot of problees. seems like the greeks are kind to getting things. >> the last few days, europe markets have been pretty strong. as you said, a sleeping giant. cheryl: i do not want to see anything change. it has been nice. gentlemen, thank you. i appreciate it. great floor show today. uncertainty seems to be the norm in washington these days. last year you have the debt ceiling convey. con
CNBC
Dec 7, 2012 1:00pm EST
other reasons. >> i would guarantee if there is a fiscal cliff agreement, this stock shoots up big time. >> capital gains. that's all about capital gains in my mind. i cited other things i think are a problem but capital gains is why they're selling. >> have a great weekend, everybody. "power" starts right now. >> announcer: halftime is over. "power lunch" and the second half of the trading day start right now. >>> indeed it does. and today on "power lunch," no progress. a very stark assessment from the house speaker on where the fiscal cliff talks stand with 24 days to go. where should you put your money heading into this weekend? could be a very crucial weekend. >>> no worries. with the unemployment rate still near an 8% level, why some companies can't find workers. there's work and it is not a skills gap. we'll show you what else is being factored in to that equation. >>> and no fair, perhaps? well, a big change at big blue. ibm changing the way it pays down its 401(k). will other companies follow suit? tyler mathisen, my partner, who is always fair, always working, and is always a w
CSPAN
Dec 7, 2012 7:00am EST
their principles and would it be ok if doing so sent us over the fiscal cliff? give us a call this morning. you can also catch up with us on all of your favorite social media websites. a very good morning to you. i want to begin with the question of compromise or sticking to principle. this is a question a gallup organization asked in a recent poll. it found 62% of americans would like to see the federal government leaders compromise on an agreement to avoid the fiscal cliff budget measures set to go into effect next month. more than twice the 25% who want leaders to stick to their principles. a majority of all party groups favor compromise. here is the breakdown from the gallup organization. 71% of democrats say they want a compromise bursa's 21% who say the party should stick to their principles. among republicans 55% one compromise. 35% say stick to your principles. the gallup poll also found americans are more optimistic and pessimistic that an agreement will be reached before the deadline. 58% say it is a very or somewhat likely leaders will find a solution. 39% say it is not
FOX Business
Dec 7, 2012 4:00pm EST
and shot up 1421 and sttrted to back off. the fiscal cliff is hanging on the market. as soon as you see john boehner talk for obama it doesn't matter. the market seems to come off of that news. traders have got to look out if there's a joint announcement, chances are they're close to a deal, we will see the market higher. look out for that. dave: let's get off of stocks and deal with oil. we see oil slipping a bit and you see a point at which you might stop and that is $84.50. that is the point we have got to look at coming in next week as the starting point for this drop. phil: we have come down to that range several times over the last few weeks and that is when you had highest level supply out there and you didn't really have much geopolitical risk. we start to come back to that mode so we will scale back to that level before things heat up in the middle east and we have supply crunches due to the cold weather ahead of us. >> next week we have the final fit meeting of the year. the jobs report and everything we have been seeing. phil: we will see the fed continue on the same path
FOX Business
Dec 7, 2012 1:00pm EST
fiscal cliff negotiations. it is not painful until the very end of the year. how this benefits the company. adam: the note dropped 7.7%, the lowest rate since december 2008. that is just a headline. let's get to nicole petallides. the traders are reading a bit into this report. nicole: the first thing they noted when i came in here, a lot of them are talking about the fact that the prior month had been revised lower. the prior month which seemed like they were good news, in fact, were not as good as they seemed. they take these numbers with a grain of salt. the dow, nasdaq and s&p are mixed today. the dow is up about one third of 1%. what is interesting, this will be our third wedding week in a row. they have not been dramatic moves, but last week was pretty slots. jpmorgan and bank of america are some names on the dow that are holding on pretty nicely. the tech heavy nasdaq down one half of 1%. adam: a lot of people watching that jobs number. thank you very much. dennis: according to today's jobs report, the unemployment rate is down to 7.7%. the lowest level it has been to since
MSNBC
Dec 7, 2012 11:00am PST
comes to the fiscal cliff that's threatening our economy and threatening jobs, the white house has wasted another week. >> we've had time. the president has given the republicans flexibility to come up with a credible, specific plan. what they offered in return was an empty letter lacking in specifics. >> meanwhile, vice president biden is having lunch with several middle class americans who would see their income taxes go up if the tax cuts are not extended. all of this comes as the first jobs report since the election exceeded expectations. the u.s. economy added some 146,000 jobs last month. that was enough it to drive the unemployment rate down to 7.7%. joining me to talk about all of it, florida congresswoman debbie wasserman schultz and she chairs the democratic national committee. good friday afternoon to you. >> thank you. >> john boehner said today that democrats' plan is to, quote, slow walk our economy to the edge of the fiscal cliff. how do you respond it to that? >> well, that's just utterly preposterous. the republicans right now in the house of representatives have a
FOX Business
Dec 7, 2012 6:00pm EST
gerri willis. tonight no progress on the fiscal cliff as democrats and republicans trade barbs over the issue. one group of americans is finding a way through this regardless of congress and the president. small-business owners in this country are preparing to hire. join me now, chief u.s. economist for i may just pull one side. heart of america group founder, and member of the jobs creation alliance and actual job creators in this country who say their voices not being heard in this office took with debate. also with us from the weekly standard, steven haze. welcome. great to have you here. i want to start with the conversation in washington and what the speaker had to say about the status of the fiscal here is mr. boehner. >> this is in the progress report because there is no progress to report. when it comes to the fiscal cliff that is turning our economy and jobs, the white hhuse is wasted another week. gerri: what do you say? we wasted another week. we seem to be getting nowhere, and now folks are saying the president is trying to entice us of the fiscal cliff. >> look, i think
MSNBC
Dec 7, 2012 9:00am PST
debate over the fiscal cliff. despite predictions of stalled job creation in november in superstorm sandy and looming fiscal cliff, the nation added 146,000 jobs last month, and unemployment ticked down to 7.7%. while november's figures are higher than expected, september and october were revised down 16 and 33,000 jobs respectively. chief economists for moody's analytics mark zandi cautions november may see a downward revision but the numbers are a good sign. >> bottom line, feels like the job market is holding firm in the face of sandy and fiscal cliff concerns, so that's good news. >> surprising exactly no one, the white house and republicans had different spin on the numbers. >> if congress does address the problems that it needs to address, concerning the fiscal cliff, if we have reasonable resolution type of programs that the president has been proposing to support the economy in the short run, get us on a sustainable fiscal path in the long run, protect the middle class we're going to see progress in this economy. >> the risk the president wants us to take increasing tax rate
FOX News
Dec 7, 2012 2:00am EST
. >> interesting outfit. >> my gosh! >> eric: yes, the dreaded fiscal cliff. tax hike, spending cut and sequestion ration, whatever they are. belly flop the economy at once. comfortabling the know that d.c. is on top of it all. alex simpson, former senator and the guy that everyone thinks is a lifeguard at the fiscal pool. ♪ ♪ >> eric: okay, beckel is gangnam style. good to know we're in good hands but get serious, folks. >> any word from karl rove? >> despite what we're telling you, it's over. romney lost. >> i guess it's time i explain, the good people, the upcoming fiscal cliff. >> the economy is the car and rich sman a driver. don't give the driver many. they will drive you over a cliff. just common sense. >> eric: not exactly. the only way to save the republic is for us to let the president go off the fiscal cliff. taxes will go up. but mandatory spending cuts get enacted. that seems to be the only way dems will cut a dime. let's save the place for the kids. do you agree? >> greg: i do. >> bob: i think you're crazy. >> greg: funny that bob and i agree but for different reasons. fiscal cli
CNBC
Dec 7, 2012 3:00pm EST
progress in washington on the fiscal cliff. the nasdaq continues to be dragged down by apple. >> apple's had a tough week. we'll get into that coming up. we're still looking for a deal on capitol hill, surprise, surprise. all to keep us from going over the fiscal cliff. just in case, though, we've got some experts on happened to help you protect your money. here's how we stand right now, though. it's been a generally positive day for some of the blue chip averages. the dow among them. up 57 points right now, near the highs of the session at 13,003 and change. the nasdaq continues lower. you can blame apple. technology suffering as a result today, down 12 points right now at 2977. the s&p is up 2.25 points at 1416. with less than an hour to go in the trading week, another week without a deal to avoid going over the fiscal cliff. while today's positive jobs report did give markets a boost early on, it wasn't enough to get a significant rally going and to continue it on. so what's it going to take to get some conviction back in this market? >> that's in today's "closing bell" exchange. gent
CBS
Dec 7, 2012 5:00am EST
back in a few minutes at 5:10. back to you guys. >> thank you. >>> looking at the fiscal cliff, well, the senate became entangled in one aspect of the federal debt problem thursday by debating a bill to allow the president to increase the debt ceiling without congressional approval. >> the republicans who initially brought the bill to the floor were not happy when it came to the changes that the democrats forced so they blocked it from moving forward. the president shared his views with a virginia family when it comes to the fiscal cliff and tax cuts that could happen. delia goncalves is live on capitol hill with more on that this morning. good morning, delia. >> reporter: good morning. mike, andrea, it appears we were here live on capitol hill just two weeks ago talking about a compromise. remember that? well, now we're back and it seems that those talks that had so much promise, well, they seem they've come to a screeching halt. now congress people are pointing the finger among increasing pressure to strike a deal before the january 1 deadline. they're now blaming each other for st
ABC
Dec 7, 2012 4:00am EST
fiscal cliff. and other factors, as well. abc's tahman bradley has that story from washington. >> reporter: the fiscal cliff is still three weeks away. but the economy may have already taken a hit. economists predict the government's monthly jobs report, due out later this morning, will show that employers added fewer than 100,000 workers in november. superstorm sandy may be part of the reason job creation slowed. but worry over the fiscal cliff may have also had an immaterial pact. some economists believe that 200,000 fewer jobs thhave been created this year, due to uncertaintabout the fiscal cliff. >> it's very important we get it done now. >> reporter: republicans and democrats are talking again. but still, no breakthrough. the parties are locked in a stalemate. president obama is demanding that higher tax rates for the wealthy and a permanent extension of the debt ceiling, the government's ability to borrow money, be part of the deal. >> he's assuming unprecedented power to spend taxpayer dollars out any limit at all. >> reporter: republicans who say they're open to raisin
CNN
Dec 7, 2012 4:00am PST
two men to try to keep america from going over the fiscal cliff. 25 days and counting from the massive tax hikes and spending cuts. congress breaking in a week for the holiday. so john boehner trying to simplify things. he's asking top democrats and republica republicans to step aside so he can negotiate with the president one-on-one. it seems to be a request that everyone was able to live with. brianna keilar is live for us at the white house. if this is the case that everybody has been cleared out of the room, does that surprise you? it seems to make sense to me. >> reporter: it's not surprising at all. this is what observers of this process thought would happen all along. ultimately this was a process that would come down to president obama and house speaker john boehner brokering a deal. very much the way you saw they attempted to do during the debt ceiling debacle last year. it simplifies the problem of less cooks in the kitchen. then they will have to sell it. president obama would have to bring in democrats. john boehner would have to bring in his republicans and make su
CNBC
Dec 7, 2012 6:00pm EST
hate to even say it anymore -- fiscal cliff is? today we got an incredible employment report from the labor department. with 146,000 new jobs. i was looking for 90,000. the unemployment rate dropping to 7.7. i thought it might be 8%. and all this despite the effects of hurricane sandy. who knows how high we could have been if it weren't for that darn hurricane? yet the market barely blinked. yet the potential layoffs if we go over the cliff make these rearview numbers seem almost irrelevant to the market. hence the mixed performance of the averages today. sure, dow gained 81 points, but the s&p barely budged, edging up 29%. and the nasdaq actually declined .38%, led once again by the slip sliding away apple, which you know i like, but how many times during a particular show can i say i like it? so with that in mind, what's the game plan for next week? first off, perhaps the most important day of the week is monday. but not for any earnings. not for any releases. that's when we process the results of the weekend talk shows, which you now have to watch as if we were instead of watching,
ABC
Dec 7, 2012 4:30am EST
lawmakers come to an agreement or not on the fiscal cliff. meeting expectations -- median expectations would be 85,000 jobs. over at macy's, we know there are a top -- are a lot of temporary workers. they will be burning the midnight oil. stores will stay open for 48 hours straight between december 24 -- december 23, and december 24. good news if you like your morning orange juice. we could see an easing of prices trickled down to consumers. the current crop could be bigger than the government is currently expecting. netflix ceo under pressure on the sec. a study showing that gays earn more and owe less. >> we will check back in with you soon. thank you so much for that. 4:30 it is your time. >> still to come and good morning washington, growing concerns over the crisis in syria. >> looking a lot more like christmas outside the white house. the first family of flipped the switch on the national christmas tree. it is the first year for this particular 30-foot tree. that is carrying on a 90 year tradition. >> very pretty. >> it was a little cold out. it is 4:41 right now. >>
MSNBC
Dec 7, 2012 10:00am PST
our economy right to the edge of the fiscal cliff. it's time for the president, if he's serious to come back to us with a counter offer. >> the president told a virginia family on thursday he won't back down on taxing the rich. >> just to be clear, i'm not going to sign any package that somehow prevents the top rate from going up for folks at the top 2%. but i do remain optimistic that we can get something done that is good for families like this one. >> the rebels gain on assad raising fears he might use chemical weapons. that was enough to frighten the russians into talking with hillary clinton about a political transition. >> the united states stands with the syrian people in insisting that any transition process re -- result in a unified democratic syria in which all citizens are represented. the future of this kind cannot possibly include assad. >> a tragic turn of events in london. the nurse that first transferred that prank call to duchess catherine is found dead. david axelrod shaves it all off on "morning joe." >> joe scarborough. >> are your friends at the white house wat
FOX
Dec 7, 2012 5:00am EST
in bloomingdale. back to you. >> thank you. >>> another big story, avoiding the fiscal cliff. president obama visited a middle class family in fairfax county to pitch his fiscal plan. that is because the average family will see taxes increase $2200 if congress doesn't take action by the end of the year. the president touted the benefits of extending tax breaks on those making $250,000 a year or less while continuing to push for rate increases on wealthier americans. >>> three, two, one! >> very busy for the president. he also put aside the partisan fight over that fiscal cliff for a time last night. joining the rest of the first family in lighting the national christmas tree on the ellipse. this marked the 90th year for the tree lighting ceremony. so pretty to watch and see that. >> you got to at least go down, drive by or something at some point. >> it is fun. >>> u.s. military ships on the move as north korea gets set to launch a rocket. we've got details next. >>> one police department is calling it one of the worst cases of child abuse they have ever investigated. details of an arre
FOX Business
Dec 7, 2012 11:00am EST
president has adopted a strategy to slow walk our economy right to the edge of the fiscal cliff. instead of reforming the tax code, the president wants to raise tax rates. even if the president that the tax rate hike that he wanted, understand that we will continue to see trillion dollar deficits for as far as the eye can see. washington has a spending3 problem, not a revenue problem. if the president does not agree with our proposal, i believe he has an obligation to families and small businesses to offer a plan of his own. we are ready and eager to talk to the president about such plan. >> you did speak with the president earlier this week, can you characterize that call. also, it has to be increases in rates for the wealthy or no deal. >> the phone call was pleasant, but more of the same. it is time for the president to be serious and come back with a counter offer. [inaudible question] >> the risk the president wants us to take, increasing tax rates will hit many small businesses that produce 60-70% of the new jobs in our country. that is the whole issue. [inaudible question] >> i th
ABC
Dec 7, 2012 4:30am PST
remain at 7.9%. economists blame everything from sandy to worries over the fiscal i cliff. >> reporter: the fiscal cliff is still three weeks ago the economy may have already taken a hit economists predict the jobs report will show employers added fewer than 100,000 workers in november. superstorm sandy may be part of the reason, worry over the fiscal cliff may have also had an impact. some estimate at least 200,000 fewer jobs have been created this year, due to urn certainty about the fiscal cliff. -- >> reporter: >> the president: it is important we get this done now. >> reporter: in washington republicans and democrats are talking, no breakthrough locked in a stalemate. president obama demanding higher tax rates for the wealthy and permanent extension of the debt ceiling be part of a deal. >> he showed what is he is after is assuming unprecedented power without limit. >> reporter: republicans say they will only raise tax revenue in exchange for deep spending cuts. if washington can't strike a deal one casualty would be the end of compensation for long term unemployed, p
NBC
Dec 7, 2012 3:00am EST
projects on hold, though, fiscal cliff. yep, the obstacle is washington, all because of the need to sock it to the 2%, not the 1.5% and the over $400,000 crowd, the 1%, or the need to fulfill the anti-tax pledge of allegiance many of our congressmen made to my college chum grover norquist. i thought bill gates and chief justice roberts were powerful. he makes the other guys look like crash dummies. we're on the cusp of an economic boom in this country. but we have politicians that would rather create a recession, a mandated economic collapse, let's create a bear market versus rising above. and guess what? these enemies of wealth and job creation may get their way and win. yes, to borrow a phrase from my own rant last time we were on the brink of a washington-inspired financial disaster, they know nothing. shawn in illinois. shawn? >> caller: hello, jim. >> what's up, chief? >> caller: booyah from chicago land. >> done. speak to me. >> caller: i've been watching blizzard for some time now, and i just heard a report that their sales revenue from call of duty black ops 2 has topped $1
CSPAN
Dec 6, 2012 8:00pm EST
culture of all money -- of albany. tonight on c-span, a senate debate on the fiscal cliff. shaun donovan discusses it. harry reid and mitch mcconnell when back-and-forth on fiscal cliff issues and a proposal to raise the debt ceiling. here is part of their exchange. >> yesterday afternoon, i came to the floor and offered president obama's proposal on the fiscal cliff to show that neither he nor democrats in congress are acting in good faith in these negotiations. with just a few weeks ago before a potentially entirely avoidable blow to the economy, the president proposed a plan the members of his own party will even vote for. he is not interested in a balanced agreement, not particularly interested in avoiding the fiscal cliff, and clearly not interested at all in cutting any spending. with the president is really in, as we learned just yesterday, is getting as much taxpayer money as he can, first by raising taxes on small businesses who he believes are making too much money, and then on everybody else. not so he can lower the debt or the deficit, but so he can spend to his heart's conte
CNN
Dec 7, 2012 5:00am EST
congress going on holiday and 25 days from plunging off the edge of the fiscal cliff. >>> the "new york post" photographer who took the picture of the man in the subway tracks before he was hit sits down to tell his side of the story. we'll hear from him this hour on cnn. good morning, welcome to "early start." i'm christine romans. >> and i'm zoraida sambolin. it is 5:00 a.m. in the east. breaking new's massive earthquake in japan. it happened off the coast of japan, about 300 miles northeast of tokyo you can see on the tower cam that we are going to buildings swayed for several minutes there. let's go to alex zolbert live in tokyo what can you tell us? >> this happened friday evening b an hour and a half ago. an unnerving scene. a 7.3 magnitude earthquake. as we understand it, this came along the same fault line that triggered that massive tsunami in march of 2011. we have been watching all the local stations, trying to gather all the information we can. here's what we know at this point in terms of a tsunami. we have seen several small waves come in, about four waves. the biggest one
CNBC
Dec 6, 2012 11:00pm EST
, memo to the president and congress -- ♪ you are now screwing up this fiscal cliff stuff royally with your hard line positions and your ridiculous protestations that you can't compromise. here's why. we are close, very close right now, within our grasps, to becoming the leader of the world when it comes to technology, innovation, natural resources, and finance. you are the only thing standing in our way. you are our ball and you are our chain. we saw glimmers of it today. like today dow rallies 40 points, s&p gained .33%, nasdaq .52%. whether it's the ceos of the biggest of the big,or the smallest of the small. tonight's guest of lumber liquidators, the intransigence the mean-spirited debates, the pledge is not to raise taxes, it's costing this nation a once in a lifetime opportunity to reassert itself as the leader of the free world. and faster growing the repressive communist world to boot. your inability to give us a deal, any deal is crushing our economy. allow me to explain. since i read @jimcramer on twitter, people say i'm biased. i believe that the compromise which all th
NBC
Dec 7, 2012 4:00am EST
president is taking the fiscal cliff solution to the people. plus, a modern day five story ripped through the pages of a tom clancey novel. "early today" starts right now. >> announcer: this is "early today" for friday, december 7th, 2012. >>> good mornings,er one. i'm lynn berry. we're going to start with breaking news out of japan. a strong 7.3 earthquake has struck off the country's northeast coast beneath the sea bed. it shook buildings as far as tokyo and warnings were issued for miyagi prefecture. there's no risk for a widespread tsunami. we'll bring you the very latest. >>> elsewhere, all eyes are on cairo this morning as turmoil has once again overtaken egypt's capitol, this time in response to a political explosive power grab by the president, mohammed morsi. right now army tanks surround the presidential palace as thousands of protesters shout topple the regime, the same chant heard during the regime of hosni mubarak. in a tv show morsi said absolute powers he granted himself will expire with a vote on december 15th but that did little to silence his opponents who plan a million
CNN
Dec 7, 2012 6:00am PST
out. and it's surprise. what role could it play in the fiscal cliff negotiations? >>> major earthquake rattles nerves and shakes buildings in japan in the same area as nearly two years ago. >>> fiscal cliff for air travelers, ground your trip or compromise air safety. >>> be careful what you write on review websites. one woman is being sued for almost $1 million for posting a nasty review online. find out which side the judge is taking. taking. "newsroom" begins right now. -- captions by vitac -- www.vitac.com >>> good morning. thanks for joining us. i'm don lemon in for carol costello this morning. the labor department this morning says 146,000 jobs were added in november and unemployment fell to 7.7%. so, let's put this all in perspective for you just one month earlier. in october, 138,000 jobs were added. so we're going to begin our coverage now with cnn correspondent and first up is christine romans. good morning, christine. >> good morning, don. we give the headline 146,000 jobs created, more than we expected, more than economists had expected, twice what a cnn money su
MSNBC
Dec 7, 2012 2:00am PST
. >>> and in the u.s., the president is taking his fiscal cliff solutions directly to the people. >>> plus, a modern-day spy story ripped from the pages of a tom clancy novel. good morning, everyone. i'm lynn berry and we start with breaking news out of japan. a strong 7.3-magnitude earthquake has struck off the country's northeastern coast. that's the same region hit by last year's massive earthquake and tsunami. well, this morning's quake shook buildings as far as tokyo, and there are reports of a three-foot tsunami in the miyagi prefecture. the u.s. geological survey says there's no risk of a widespread tsunami, and so far, there have been no news of injuries or damage. of course, we're going to keep an eye on any aftershocks that occur and we'll bring you the very latest. >>> well, elsewhere, all eyes are on cairo this morning as turmoil has once again overtaken egypt's capital. this time, it's in response to a politically explosive power grab by the democracy's president, mohamed morsi. right now, soldiers are setting up barricades as morsi's opponents plan a million man mar
FOX News
Dec 7, 2012 12:00pm PST
islamic jihadist. >>shepard: this weekend chris will discuss the fiscal cliff with senator senators schumer from new york and senator corker. any deal to avoid the fiscal cliff is up to president obama and house of representatives spear boehner but never is very optimistic. the latest on the negotiations which will affect us all is next. but when i was in an accident... i was worried the health care system spoke a language all its own with unitedhealthcare, i got help that fit my life. so i never missed a beat. that's health in numbers. unitedhealthcare. >>shepard: we have signs of improvement in the job markets with millions still out of the work. the national unemployment rate fell from 7.9 percent to 7.7 percent last month. that is the lowest rate in four years. it comes despite the loss linked to super storm sandy. but the government reports the unemployment rate fell largely because so many americans gave up their search. at the same time, the u.s. economy added 146,000 jobs in november above what the analysts predicted. well above. and gerri, where do we see the biggest gain?
FOX
Dec 7, 2012 12:00pm PST
democrats raided accusations over who is to blame for the fiscal cliff. john boehner and president obama and nancy pill low city blamed the republicans. >> we had a serious proposal based on president clinton's chief of staff. there is no counter offer from the white house. unstead, reports indicate that the president -- instead, the president has deliberately walked our economy right to the edge of fiscal cliff. >> he said democrats are slow walking the economy to the fiscal cliff, yet, this is the same republican leadership that has the house in session barely a day. barely a full day this week. >> the fiscal cliff is the term that is given to a set of spending cuts and tax increases that will take effect in january if congress does not act to stop them. >>> investigators are trying to determine what happened before a football fan fell or jumped from the third deck at the oakland coliseum. he fell to the concourse during last night's broncos, raiders game and taken to the hospital with serious injuries. they called it an accident and it remains under investigation. >> the rails a
FOX News
Dec 7, 2012 12:00am EST
wants to go over the fiscal cliff. they have to understand the person they are negotiating with he views it more through ideology than the economy. in his view, it's the equivalent of a grain of sand on the beach. even if he gets what he wants wishes is to raise the top rates from 35% to 39.6%, the revenues would merely fund this governor for roughly 8 days. it would hardly make a dent in the yearly deficit and not even a chip of a cent off the debt. he said he would rather go over the fiscal cliff than not to raise tax rates. so obama pushing higher taxes on the top 2%, not for economic reasons but for i'd logical reasons but there is also this obvious fact. obama wants to raise the top rates for political reasons. now that is he wants to force republicans to raise tacks in order to trigger a civil war within the gop and the conservative movement, and in that respect sadly obama is having some success. now so long as this debate is focused not on cutting spending but on raising daxs and revenues with the only question being which taxes, how much revenue, then obama wins. now if ob
MSNBC
Dec 7, 2012 6:00am PST
taxes go up similar to the photo-op, the fiscal cliff photo-op of yesterday which was the president meeting with the middle class family. now to jobs. we have something of a surprise report. jobs turned out to be up up. the jobless rate is down and the word from the government is that sandy had no substantive effect on the data. here are the numbers. unemployment down to 7.7%. the economy added 146,000 jobs, not great but good. a third of that came from the retail sector. 53,000 jobs added. professional and business services up 43,000. leisure and hospitality up. construction, though, lost 20,000 jobs. we should note that jobs numbers were revise d downward, though, for september and october. in september it was revised from 148,000 gain to 238,000. went from 138,000 to 132,000. this month, the 7.7 is a full point lower than where we were at this time last year. so what are we supposed to make of these numbers and does the november report provide us a real sense of where this recovery is right now? let's bring in the man we like to bring in every month, the chief economist for moody
PBS
Dec 7, 2012 3:00pm PST
sandy and fiscal cliff anxiety. >> so it looks like sandy will not affect the numbers even after revisions. >> reporter: georgetown's harry holzer, former chief economist for the labor department. >> in terms of the fiscal cliff, so far we are not seeing any big impact. >> reporter: not even an impact on retail which, for all the talk of online supplanting bricks-and-mortar buying, added 53,000 jobs last month-- much of it holiday hiring, no doubt-- but a healthy 140,000 overall increase in the past three months. not all the new numbers were festive, however. construction shed 20,000 jobs, though perhaps influenced by sandy. manufacturing dropped 7,000. grinchier still, job growth in september and october was revised down by 49,000 jobs. and for all the talk of a lower unemployment rate, its explanation seemed to be that several hundred thousand more americans stopped looking for work in november and were counted out of the labor force. again, economist holtzer. >> this month's change was driven completely by the fact some people stopped looking. last month's drop in unemployment
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